Partnership Firm Registration
When a group of individuals known as partner, decide to set up the business and form a relationship to share the profits of the business carried on by all or any one of them acting for all, they form a partnership amongst them which is governed and regulated by agreement formed between them. The partnership is the most popular form of organization to carry business in India.
As per section 4 of the Indian Partnership Act, 1932: “Partnership is a relation amongst the partners who have agreed to share the profit of business carried on by all or any one of them acting for all”.
A group of people comes together to form setup and to provide services and products through it. These firms are governed by the Indian Partnership Act, 1932. Rights and Duties of partners with each other as well with third parties are governed by this Act. In nutshell partnership firms are:
Partnership firms are the result of an agreement formed between partners.
The following can enter into a partnership and becomes a partner:
There are two types of partnership:
Persons who have entered into a partnership with each other to carry on the business are known as "Partners".
Partner is both an agent and principle for himself as well as for other partners of a partnership firm. He can bind others by his act and he can be bound by the acts of other partners.
Minimum Partners: A minimum of two people are mandatory to enter into a partnership.
Maximum Partners: Indian Partnership Act is silent for the maximum number of partners.
Though as per Companies Act 1956, maximum number can be:
And as per companies act, 2013, maximum number shall not exceed 100. Following are types of partner as per the extent of their liabilities in partnership:
Essential elements that are the key necessity of any partnership firm are:
Forming a partnership firm is easy and less complicated as compared to Companies. It even needs a minimum of compliances to be obligated. Following simple steps should be followed to register a partnership firm:
Select any name as per the discretion of partners. However, the selected name:
The next step is to create a partnership deed. The terms and conditions to be noted in an agreement are as per the discretion of partners, also it is on the partner to get it down orally or written. However written deed is advisable in case of future conflict arise.
Written agreements should consist of the following:
Partnership deed so created should be made on stamp paper with necessary stamp duty paid as per the Indian Stamp Act.
Registration of a partnership is a very simple process. It's not complicated like Company registration. An application form along with specified fee has to be paid with necessary documents to be submitted to the registrar:
If the registrar verifies an application after scrutinizing an application and all the documents, he will register the firm and issue a Certificate of Registration.
Unlike the company, registration of a partnership firm is not compulsory. It’s as per the discretion of partners to whether get it registered or not. However, a registered firm can enjoy certain benefits over unregistered firm such as:
Yes, a name can be changed by sending a new application form along with a Prescribed fee, duly signed and verified by all partners
No partner can file any suit against firm or other partners for the enforcement of the right & unregistered firm or its partner cannot claim a set-off.
All the Registers and documents along with notices statement and intimation filed shall be kept at the registered office and should be made available for inspection by any person on payment of a prescribed fee.
Unlike companies, a firm is not a separate legal entity. It has no legal identity separate from its partners.
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